Diana Containerships Books Full-Year Profit

Greek containership owner Diana Containerships Inc. reported a net loss of USD 16.6 million for the fourth quarter of 2017, doubling its loss fro the previous year which came at USD 8.5 million.

The loss for the fourth quarter was driven by impairment charges for two vessels totaling in USD 8.4 million.

However, for the full year, the company managed to return to profit, having booked USD 3.8 million of net profit, rebounding from a major loss from the previous year which amounted to USD 149 million.

The net income for 2017 reflected a gain of USD 42.2 million from a debt write-off, arising from the refinancing of the secured loan facility with the Royal Bank of Scotland plc, which was secured on June 30, 2017.

On the other hand, the full-year net loss for 2016 included USD 118.9 million of impairment charges for seven of the company’s vessels and USD 2.9 million of loss on sale of two vessels.

Time charter revenues, net of prepaid charter revenue amortization, for the year ended December 31, 2017, amounted to USD 23.8 million, compared to USD 33.2 million for the year ended December 31, 2016.

Diana’s 11 containerships, five Panamaxes and six Post-Panamaxes, are employed on time charters with liner majors.